How can I buy a house with zero down payment?

byLang VuongonMarch 20, 2009

Lately, I’ve been getting some inquiries regarding the option of buying a house with no down payment. In reality, there are no more ‘zero down’ mortgage programs available. However, there is a program that exists that is very similar and that can help you purchase a property with no money as a down payment.

It’s called a free down payment mortgage, and essentially the bank offers to pay your 5% down payment on your behalf when you qualify for a 5 or 7 fixed year mortgage. What will you need to qualify?

An employment record of at least 1 year at your current job

A credit score of at least 640

The current rate for a 5 year fixed zero down payment mortgage is 5.50%.

If you’d like more information on this program or would like to apply for a pre-approval, you’re welcome to contact me here.

Hey Lang, I have a question, is this program for real or is it a get the client through the door and then tell them to go for something else?
i have not heard about it from anywhere else and it just feels like there is more to it?
i hope you don’t mind me asking?

This program is absolutely for real. It’s a great alternative for people who are looking to purchase a property with no payment but excellent credit. It’s being offered by Scotia Bank. Details of the program are right here:

Unfortunately, there really isn’t much you can do unless you can find someone to co-sign on the deed that has good credit. Lending institutions are looking for either a large down payment, or an employment record with a good credit score. An individual who has no down payment and bad credit history is unlikely to find any lender that will take a chance on a mortgage.

I have been renting since i arrived in canada less tha 2 years ago, since i started to work 3 months ago im seriously thingking of purchasing a house but my annuall income is only 26,000 unfortunately my childtax benifits (about 19,000) cannot be included when applying for a mortgage, i have a pretty good credit i believe, but does this mean i cannot buy a home until i get paid at least 20 per hour?

I am 53 . discharged from a consumer proposal Feb. 2010…Used to own a home but after a marital separation 10 years ago…..made some bad financial decisions. Now renting and would like to get back into a mortgage but a house ,m or condo ..that I could afford.
only have $5000 rrsp …can I get into another home …not 1st time buyer with no down payment . I live in Maple and work in Etobicoke.
income , with 2 jobs is $73,000.
Can you help? Credit score is?

Hi Lang, i too am in the same postition as Janette and sure would have liked to know what your answer was? I have been searching for a home for quite some time now, but my problem is i only make 28, 000 a year. Is it possible to send me info?

Hello Lang,
Thank you for your good job. I need financial advice. I have a car loan of $15,000 . I came to Canada five years ago and i have kept the same job since making $30,000/Year – $33,000/Year
I would like to buy a place with 0 down payment 2bdr bath . Is this a possibility?
..and what are the steps?

I have a million questions about purchasing a home and trying to understand about buying a home of my own. However, through just emails it would be a very long one. Is there any way of contacting in person or something for me to explain my situation and if possible you give me some feedbacks or some routes I can take in order to obtain my own home?

My mom has been renting for 20 + years and I am tired of her bad habits that cost us not to be able to afford and own our own home. So I need help with understanding what it takes to own a home either with or without a down payment, although I prefer not to. If you can email me at my personal email that would be fabulous and we can talk some more about future planning.

Hi,
I arrived in Canada on 13th June 2012 under skilled worker category, I am working as a Security Guard for last one month. My wife is also working for last one month. We are renting a basement and paying 800 as rent. I want to buy a two bedroom condo but I can not afford to pay any down payment. I looked at prices and the cost of owning a condo would be almost similar to the rent that I pay.
Do you think I have some way out to buy a condo costing around 200,000 without any down payment?
Cheers,
Navdeep

hello lang i live in kingston ont, i tryed last year to get a home was quified for 140,000 but because i have a truck payment ive been making for the last two years ive got excellent credit rating and a good job, but getting the down payment is hard right now. what can i do. thank you .